Noun. Yiddish. A stupid, irritating, and ineffectual person. Literally a penis. Often accompanied by the gesture of a fist with the pinkie finger raised. Differs from schmuck by being a fraction of the size.

Verb. Yiddish. To work unproductively

Lead, follow, or get the hell out of the way, you putz.
Quit putzing around with that jpeg and upload it.

Literally, vulgar slang for penis, not to be used lightly. More offensive than the schmuck, which can be used affectionately or teasingly. Rarely used to describe the member, schmuck does that. Def. from the "Joys of Yiddish" by Leo Rosten